The Best Forex Brokers for Beginners

The Best Forex Brokers for Beginners are the forex brokers who are suitable for newbies in forex trading since they have unique features makes starting forex trading with them easier than other brokers.

Trusted forex brokers are regulated by an authority which monitors them and regulated their abidance of the financial norms. In Australia, we always recommend ASIC regulated forex brokers since ASIC is the only authorised organisation to regulate forex and online trading brokers. Other regulations which you might also consider include NFA and CTFC from the USA, FCA from the Uk.

For beginners in forex trading, it is crucial to find a low fee broker since you are just starting trading and you do not want to lose much money for forex brokers. We always recommend low commissions and tight spreads forex brokers.

With some forex brokers, you can start from $5 such as XM. Some other brokers need more to start online trading, for instance, with Pepperstone you will need $200 to start online trading, with ThinkMarkets you will need $250 to open an online trading account. What is best trading account for beginners? It is recommended to start with a mini trading account or with $200-$400 capital.

The trading platforms in the best forex brokers for beginners:

Although most of the online trading platforms are similar, it is convenient to make sure your broker has the best forex trading platform for beginners. I would recommend MetaTrader 4 or MetaTrader 5 as the best forex trading platforms for beginners for some reasons including they are user-friendly so they are easy to use and the other thing there are many online tutorials which might help you learn using them efficiently.

The customer’s support of the best forex brokers for beginners:

It is important to have a supportive customer care who can help forex trading beginners to start trading since forex trading needs long-term support.

The forex learning in the best forex brokers for beginners:

Some forex brokers offer online tutorials for forex beginners which can help them to understand many of the technical terms in forex and teach them how trade using the online trading platforms.

Forex glossary for forex beginners:

Trading platform: the computer/mobile software which you will be using for online trading.

Short/Long positions: short is a selling position, and long is a buying position.

Levarge/Margin: leverage is the gain which amplifies your capital. Example, your capital is $200 with leverage 100:1 you can open position with $20k. The margin is the min amount of money required to open a position. It is 1/levearge. For our example the leverage was 1:100 so the margin is 1%. Leverage is double-edged sword which can increase your profit and at the same time increase your loss, so choose your leverage wisely. The best forex leverage for beginners should not exceed 1:10.

ThinkMarkets forex broker can be considered as one of the most trusted forex brokers in Australia since it is ASIC regulated and legally registred in Australia. Also, it is regulated and registered in the UK.

Best trusted forex broker in Australia is the forex broker who is trusted by Australians since it has got ASIC regulation, professional customer service, low commissions and fees and more to offer to the forex traders.

Forex regulation is the most important selection factor of the forex broker. You should never invest with any unregulated forex broker since you might end up loosing all your money and nobody can help you. In Australia, we prefer ASIC regulated forex brokers since ASIC is the official Australian organisation which is responsible for ensuring the compliance of any forex broker with the Australian laws. Other regulatory also including the NFA and CTFC regulations from the USA, The FCA regulation from the UK, are also considered to be strong and efficient regulations.

The spread is the difference between the selling and buying price of an asset. Forex brokers usually take a small spread like 1-3 pips (the least price decimal change). Some other brokers take a fixed commissions per trading volume, usually per standard lot (100,000 pips). Always select the broker with the lowest spread or commissions.

Appearntly all the trading platforms looks similar since they are built using the same company called MetaQoutes, who made MetaTrader software including MetaTrader 4 ( MT4 ) and MetaTrader 5 (MT4). However, trading platform is the main connection hub between you as forex trader and the forex market so by considering the speed of orders execution, the grpahical and analytical tools and the support of Expert Advisors (EA), you should be able to determine which forex trading platform is the best.

There are huge variations among the forex brokers in terms of the avaibale trading instruments. Some forex brokers offer currency trading, precious metals trading, energy trading , stocks and shares trading, and cryptocurrency trading. It depends on what you are planning to trade in. Sometimes too many options is overwhelming and useless. So you have carefully check whether the broker which you are planning to open forex account with it offers the assets which you are planning to trade it with low spread or not.

Skilled and responsive technical support is one of the great features of the best forex broker. Check whther the forx broker provieds support for at least 24 hours every day and at least 5 days every week when the forex market is open.

What do you think other things which might affect your choice of the best trusted forex broker ?

Pepperstone offers MetaTrader 4 and cTrader platforms. These platforms are very similar in their functions; however, they are developed by different programming languages and developers. In short, MetaTrader 4 is more popular and more suitable for the traders who like Expert Advisors (EA) while cTradr is more customisable and offers better orders options. Also, cTrader can be installed on Windows and mobiles only while MT4 can be installed on windows and mac and mobiles.